The Importance of Cyber Security and The Increase Risks of Data Breaches

Each day technology becomes a larger part of everyday life. However, this means that technology is exceedingly prone to attacks, which are becoming more advanced each passing day. For the business of any size, this can spell disaster. According to Accenture, when a business suffers a cybersecurity attack, an estimated $2.4 million is spent on recovery, and it takes an estimated 50 days to recover from the attack entirely. On a global scale, the average business can expect to spend on recovery is estimated to be as high as $3.86 million, with another attack within 24 hours with a 27.9% chance (via 2018 Ponemon Report). It is essential that businesses understand this threat, and that investing in preventative measures, such as automation, is important to maintaining a business’s security.

What is a Data Breach?

According to the 2018 Cost of a Data Breach Study, to classify an event as a “data breach” an individual’s medical record, financial record, and/or debit card information must be placed at risk. This type of information can become exposed due to malicious or criminal attack, system glitch, and even human error.

How Does a Business Avoid Data Breaches?

In order to prevent a data breach from occurring, a business must invest in a strong cybersecurity team. With the support of a robust cybersecurity team, a business has a better chance of staying ahead of malicious hackers. Furthermore, extensive pressure testing can also aid in prevention. Pressure testing a businesses network environment can reveal vulnerabilities, as well as aid in innovation, keeping your cybersecurity ahead of the attackers. However, one of the most important defenses a business can invest in is automation.

What is Automation and How Can It Improve Cyber Defense?

When it comes to cybersecurity, automation is your best defender. According to 2019 Study on the Cyber Resilient Organization, automation, in the cybersecurity field, refers to investing and enabling in cybersecurity technologies that assist or replace human intervention in the identification and containment of cyber exploits or breaches. Furthermore, for these technologies to function correctly and efficiently, artificial intelligence and machine learning, must be appropriately implemented.

Automation creates a symbiotic relationship with businesses cyber resilience. It reduced the chances a business has of encountering a data breach, as well as the frequency of them occurring. Investing in automation allows for a business to feel more confident in its ability to track, prevent, and contain potential cybersecurity incident.  However, while automation does remove humans from the identification and containment procedure, it does not mean that cybersecurity professionals are irrelevant. A business should keep a full staffed cybersecurity team to assist in training, as well as regular maintenance of the automation processes. Furthermore, a fully staffed cybersecurity team can develop a Computer Security Incident Response Plan (CSIRP), which significantly assists in detection and containment.

Automation is a necessary part of a company this wished to keep their client’s information save and save money. According to the 2018 Cost of a Data Breach Study, on average, the losses of a company that has fully and effectively implemented automation to their cybersecurity defense, are $2.88 million, while a company that has decided to skip on automation suffers $4.43 million in losses. Automation is an essential tool for any business looking to improve its cybersecurity and cyber resilience.

What Other Steps Should a Business Take to Continually Improve its Cyber Resilience?

Automation is a crucial component to any businesses cybersecurity detail, but businesses cannot overlook other key personnel and details either. Security intelligence systems can save a company as much as $3.7 million. Companies that take full advantage of encryption and effectively use it can save as much as $1.4 million annually. Properly implementation of a firewall can prevent 2.5 million in losses yearly as well. Perhaps the most often overlooked factor is maintaining a sufficient budget for cybersecurity, which can save a company $2.8 million annually when appropriately maintained. As stated earlier, keeping a fully staffed cybersecurity team crucial to maintaining the network, leading to $2.1 million in savings for the company; however, no team is without its leader. Hiring a Chief Information Security Officer (CISO) can further improve security, as well as save a company $2 million yearly. Lastly, and an added measure as to what automation cannot accomplish is proper training and cybersecurity awareness meetings. Training and informing employees on cybersecurity not only helps to prevent human error, but it also saves a company $1.5 million every year. Automation is crucial, but implementing other cybersecurity personnel and details in equally important in maintaining a proper network.

As technology continues to progress, the threats do as well. Therefore, it is up to businesses and cybersecurity teams to implement the proper tools necessary to defend against attacks that can wreak havoc and cause data breaches. At Hammett Technologies we understand the importance and can help evaluate and develop a plan to help train employees and prevent data breaches, ensuring your company’s data remains secure.